WOODBRIDGE, VA. August 15th – Bright MLS, Smartcharts, a leader in real estate data and insights, has unveiled its July 2023 market report, offering a clear snapshot of local market trends. This report offers a comprehensive analysis of the local real estate market, highlighting key trends that have shaped the landscape during this period.

Key findings from the report include significant declines in new listings, closed sales, and active listings when compared to the previous year. In July 2023, new listings saw a substantial drop of 39.11%, with only 559 new listings in July 2023 compared to 918 in July 2022. Similarly, closed sales experienced a decline of 21.60%, with only 530 closed sales in June 2023 compared to 676 in the previous year.

Despite these declines, the median sold price showed growth, increasing by 0.96% to $525,000 in July 2023, up from $520,000 in July 2022. This rise suggests ongoing demand and value for properties in the area.

Another notable finding is the 45.34% decrease in active listings in July 2023, with only 440 active listings compared to 805 in 2022. This suggests a potentially more competitive market environment, with fewer options for buyers.

The report also revealed a 9.09% increase in average days on the market for July 2023. This figure rose from 11 days in 2022 to 12 days, offering insights into the pace of real estate transactions within this period.

Staying well-informed about market trends is essential for professionals in the real estate industry. The insights from these market statistics can help individuals position themselves for success in the ever-changing real estate landscape.

REALTOR® Association of Prince William (PWAR) is the largest professional trade association in Prince William County, representing approximately 1,900 REALTORS® engaged in the residential and commercial real estate business.  PWAR serves as an advocate for home-ownership and homeowners and represents the interests of property owners in Prince William County and the Commonwealth of Virginia.
Note: The term REALTOR® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of REALTORS® and subscribes to its strict Code of Ethics.